Profit on sale of fixed assets
This query is : Resolved
08 June 2016
Purchase value of fixed asset was Rs.70000000.
Accumulated depreciation on fixed asset is Rs.60000000.
Value of sale of fixed asset is Rs.10500000.
My question is whether the profit of Rs. 500000 is treated as income in profit and loss statement or taken it as income in profit and loss statement and then equal amount of above profit transfer to capital reserve from Profit and loss account.
Accumulated depreciation on fixed asset is Rs.60000000.
Value of sale of fixed asset is Rs.10500000.
My question is whether the profit of Rs. 500000 is treated as income in profit and loss statement or taken it as income in profit and loss statement and then equal amount of above profit transfer to capital reserve from Profit and loss account.
09 June 2016
profit on sale of asset will form part of income statement.
Message likes :
1 times
14 June 2016
thank you sir
14 June 2016
you are most welcome
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Last year TDS Claim
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- REGARDING GST LIABILITY/....
- Taxation on LTCG for property sold after 24JUL2024
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
